Mash Group reports record revenue, up 78% from Q1/17 and 23% from Q4/17. With an EBIT of EUR 1.2 million, the Group believes they are well positioned to maintain momentum, comments CEO Hickson.
FINLAND, May 2 (Bernama-GLOBE NEWSWIRE) -- Mash continued to grow rapidly in all markets during the first quarter, with new daily, weekly and monthly records in January, February and March.
Financial Highlights
- Lending volumes in Q1/18 were 31% higher than in Q4/17, and 142% higher than Q1/17.
- Revenues increased by 23% from the previous quarter and 78% compared to Q1/17, while EBIT increased 204% and 149%, correspondingly.
- The Group’s solidity remains excellent, with equity increasing by 32% compared to the previous quarter and 78% compared to Q1/17, raising the equity ratio to 42%.
- Total assets grew by 23% (Q4/17) and 70% (Q1/17).
“Today, our average monthly volumes are over two and a half times that of Q1 2017 and three times compared to Q1 2016”, says Group CEO James Hickson. “This is a testament to the bold decisions we made in 2017 to reposition our products, invest in our people and focus on developing strong partnerships that help drive sustainable growth moving forward. The changes we made to our product – shifting away from upfront fees to interest-based pricing – increases revenue over time, and we expect to benefit from that in 2018.”
“We are also happy with the investment we have made with our pay later solution in Finland, which is now available in thousands of stores with plans to launch in more markets in 2018. There is work still to do, and we continue to explore potential collaboration opportunities with established market players to build new capabilities, but we believe we are well positioned moving forward.”
Tommi Lindfors, Chairman of Mash Group added, “We made significant progress to grow our equity to 42% of our total balance sheet. This underscores the belief from our new and existing investors in our go-forward business and strategy, which is today ratified by our Q1 result.”
The Group confirmed that they will communicate Q2 2018 figures on Monday 13th of August.
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